“Homes today are more affordable for average families than they have been since 1971. Median-income families today have nearly double the funds needed to purchase the average home, as indicated by the October 2011 affordability index value of 197.8. At the peak of the house price bubble in 2006 that index was near 100, meaning that the average family could just barely afford an average home. The improvement in affordability since July 2006 is due in part to the 33-consecutive months of decline in home prices through April 2009; recent affordability gains are related to the decline in mortgage interest rates.”
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